CNBC, the most respected Business News Channel, reported today that U.S. home prices will stagnate through next year and only start recovering in 2013, citing a poll of economists done by Reuters.
In fact, the median sales price for existing homes was 4.7 percent lower in October than it was a year earlier, reported National Association of Realtors this Monday.
On top of that, 33% of Realtors say they've had at least one contract cancelled in October, up from 18% in September.
Considering these, most economists say home prices will keep falling, by at least 5%, through the rest of the year. Many forecasts don't anticipate a rebound in prices until at least 2013.
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